This article appeared on The Paypers on 4 May 2022
LUKB is implementing NetGuardians’ AI-based fraud-mitigation software as part of its defences against payment fraud. The software builds up accurate profiles of a bank’s customers, allowing it to spot suspicious transactions with a high degree of accuracy. This means fewer calls to customers to verify payments, helping to cut costs and improve the customer experience.
According to the official press release, the software is effective at spotting and stopping fraudulent payments that result from prevalent scams such as CEO fraud – where criminals send emails apparently from senior management ordering a payment – as well as investment scams, phishing attacks, and social engineering.
NetGuardians is a fintech helping financial institutions in over 30 countries to fight fraud. More than 80 banks and wealth managers rely on NetGuardians’ 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real time.
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